BlackRock is to provide investment funds, administration and member communications for a defined contribution (DC) pension scheme set up by the University of Reading.
The university has selected six BlackRock funds for the scheme, including the DC Diversified Growth Plus Fund which makes up 50% of the investment allocation during the growth phase of the scheme’s default investment option.
Employees over age 22 are now auto-enrolled into the new scheme after the university’s final salary arrangement closed to new entrants on 1 August 2011.
Around 200 new university employees a year are expected to join the scheme which will also be open to staff who have not yet joined a pension fund.
John Brady, director of human resources at the University of Reading, said: “The in-house university team has worked with BlackRock’s communication team to deliver a high quality and fully branded suite of member literature, and we are confident that the range of investments on offer will provide a suitable mix of options for our new employees.”
©2011 funds europe